In This Issue
- I share my thoughts on the state of the market, CFTC Binance lawsuit, Cosmos the underdog & ZK Rollups airdrop.
- Rekt Capital has the latest technical analysis for you on the market.
- Erik has a report for you on Chainlink Functions.
- Defi Dad has a tutorial for you on how to earn up to 130% APR with Radiant V2.
- Jesse has a ton of hot new airdrops for you.
- Hot new token sales.
- Rebecca has all of the latest news for you.
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Buy, trade, and hold 600+ cryptocurrencies on Binance
What’s On My Mind by Lark
The State of the Market
Bitcoin has largely spent the last 2 weeks in a tight price range moving up and down between $26,700 and $28,700. The key area for Bitcoin now is to put in a weekly close over 28k, and ideally 30k.
There has been a net inflow of coins to exchanges as profits got booked as Bitcoin stalled at $28,000 earlier this week.
Although this is largely from short-term holders. Who were swing trading the reversal.
This chart underlines the fact that we are seeing a transfer of realized wealth moving from long-term holders over to new holders. Historically this has marked major cycle transition periods.
Oh, and Microstrategy bought more Bitcoin. They now have around 139,000 BTC. Or put another way 1 in 151 of every BTC that will ever exist. Their average price right now is about $29,000. This remains the corporate bet of the century.
Ethereum would ideally put in a weekly close over the area from $1,700 to $1,780. This is an area where about 6% of the supply has changed hands.
Although this does largely remain Bitcoin’s show with dominance rising from 38% at the start of the year to 44% now. Coins like Ethereum are actually down against Bitcoin, although they are up in dollars.
In other Ethereum news, the date for the Shanghai upgrade has been announced for April 12th. Technically it is not scheduled for a date, but a block number, which is most likely coming on the 12th. This is a major event for Ethereum, but also one which could cause a bit of uncertainty in the market since we will see an unknown number of validators looking to unstake and cash out as well as the 1 million ETH plus staking rewards that will enter the market within the first week. Often such upgrades are “sell the news” events, and this one actually has a sell-side element to it. Will be interesting to see how the market reacts. But regardless of the short term, this is a fundamentally bullish event for Ethereum long term as it will allow for greater certainty for stakers.
XRP has been on the move this week sparking a fresh wave of rumors that they could be nearing an end to their trial with the SEC and that they may actually be winning. Although, such speculation has been floating around for a long time. Regardless of whether or not this time is true, I for one am cheering on Ripple to win its court case versus the SEC. Also, it seems that Gary Gensler the chief of the SEC is being called in to answer to an oversight committee in April to answer for the SEC’s many failures…
